Financials China SCE Group Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
0.126 ^HKD	+5.88%		+13.51%	-27.17%

Apr. 09	China SCE Group Defaults on $500 Million Debt, Notes Delisted from Bourse	MT
Mar. 27	China SCE Group Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	10,229	16,968	11,371	6,502	3,655	492.5	492.5	-
Enterprise Value (EV) ¹	23,594	40,081	39,799	36,695	32,796	664	22,275	19,593
P/E ratio	2.91 x	4.86 x	3.02 x	2.13 x	144 x	-0.08 x	-0.54 x	-3.29 x
Yield	8.39%	5.42%	9.1%	9.49%	-	-	-	-
Capitalization / Revenue	0.58 x	0.79 x	0.35 x	0.17 x	0.14 x	0.03 x	0.03 x	0.03 x
EV / Revenue	1.33 x	1.88 x	1.22 x	0.97 x	1.23 x	0.03 x	1.28 x	1.25 x
EV / EBITDA	4.85 x	8 x	6.25 x	6.15 x	14 x	0.75 x	-61.4 x	34.8 x
EV / FCF	8.19 x	-4.89 x	-8.91 x	-5.03 x	2 x	-59.3 x	3.97 x	8.58 x
FCF Yield	12.2%	-20.4%	-11.2%	-19.9%	50.1%	-1.69%	25.2%	11.7%
Price to Book	0.62 x	0.95 x	0.54 x	0.3 x	0.19 x	0.03 x	0.06 x	0.04 x
Nbr of stocks (in thousands)	4,087,583	4,182,133	4,222,133	4,222,133	4,222,986	4,222,986	4,222,986	-
Reference price ²	2.503	4.057	2.693	1.540	0.8655	0.1166	0.1166	0.1166
Announcement Date	3/20/19	3/30/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	17,783	21,370	32,573	37,737	26,705	20,961	17,356	15,641
EBITDA ¹	4,869	5,011	6,372	5,970	2,350	881.9	-362.8	563.4
EBIT ¹	4,836	4,915	6,263	5,847	2,220	779.2	189	-
Operating Margin	27.2%	23%	19.23%	15.49%	8.31%	3.72%	1.09%	-
Earnings before Tax (EBT) ¹	6,052	5,854	6,563	5,736	819.4	-8,212	504.8	510.4
Net income ¹	3,385	3,510	3,803	3,070	24.54	-7,991	-1,633	-1,485
Net margin	19.04%	16.43%	11.68%	8.14%	0.09%	-38.12%	-9.41%	-9.49%
EPS ²	0.8600	0.8340	0.8910	0.7220	0.006000	-1.892	-0.2154	-0.0354
Free Cash Flow ¹	2,881	-8,192	-4,465	-7,288	16,429	-539.1	5,608	2,283
FCF margin	16.2%	-38.33%	-13.71%	-19.31%	61.52%	-3%	32.31%	14.6%
FCF Conversion (EBITDA)	59.17%	-	-	-	699.19%	-	-	405.2%
FCF Conversion (Net income)	85.11%	-	-	-	66,937.76%	-	-	-
Dividend per Share ²	0.2100	0.2197	0.2451	0.1462	-	-	-	-
Announcement Date	3/20/19	3/30/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	13,365	23,113	28,428	30,192	29,141	31,490	21,782	19,101
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.745 x	4.612 x	4.461 x	5.058 x	12.4 x	38.8 x	-60.04 x	33.9 x
Free Cash Flow ¹	2,881	-8,192	-4,465	-7,288	16,429	-539	5,608	2,283
ROE (net income / shareholders' equity)	24.2%	20.8%	19.7%	14.4%	0.12%	-0.32%	-9.81%	0.03%
ROA (Net income/ Total Assets)	4.04%	2.8%	2.38%	1.68%	0.01%	-	-	-
Assets ¹	83,833	125,448	160,002	182,813	194,794	-	-	-
Book Value Per Share ²	4.020	4.250	4.970	5.160	4.670	4.510	2.090	2.760
Cash Flow per Share ²	1.110	-1.680	-0.7900	-0.8700	3.890	0.2500	2.020	0.8200
Capex ¹	1,400	1,103	65.7	42.8	121	163	179	197
Capex / Sales	7.87%	5.16%	0.2%	0.11%	0.45%	0.91%	1.03%	1.26%
Announcement Date	3/20/19	3/30/20	3/30/21	3/30/22	3/30/23	3/27/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

0.1166 CNY

Average target price

0.1537 CNY

Spread / Average Target

+31.75%

	1st Jan change	Capi.
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